Investor confidence takes a hit: CIBC

Most Canadians (65%) are confident they’ll reach their financial goals this year, says a new CIBC poll.

However, that’s a decline over last year when the poll found 76% were optimistic about the year ahead. The drop is mostly due to people aged 45 and up being worried about their finances (only 58% were confident, compared to 77% in 2014).

Read: Top tips from portfolio managers in 2014

Meanwhile, the majority of younger Canadians (75%) remain confident about their futures, compared to 76% last year.

Read: Tackle cross-generational planning

Debt is top concern

Paying down debt is the number one financial priority for Canadians for the fifth year in a row, adds CIBC.

It finds those nearing retirement are focused most on debt, on average. “Canadians close to retirement […] are trying to balance their short-term need to reduce debt with their longer-term goal to save for retirement,” says Christina Kramer, executive vice-president of Retail and Business Banking at CIBC.

Read: More than half of U.S. boomers don’t have advisors

That’s why the “decline in confidence among boomers is the most significant we’ve seen in five years,” she adds. “As [they] increasingly focus on debt reduction as an immediate priority, they also get closer to retirement without long-term plan[s] in place.”

Read: Sandwich gen short $560K for retirement

Key findings

Percentage of Canadians who are confident they’ll meet their goals, by region:

	2015	2014	2013	2012	2011
National	65%	76%	74%	72%	71%
Atlantic Canada	66%	78%	74%	78%	72%
Quebec	50%	68%	64%	60%	66%
Ontario	66%	77%	78%	76%	70%
Manitoba/Saskatchewan	75%	79%	84%	78%	69%
Alberta	77%	84%	82%	85%	77%
British Columbia	72%	80%	72%	70%	78%

Percentage of Canadians who are confident they’ll meet their goals, by age:

	2015	2014	2013	2012	2011
National	65%	76%	74%	72%	71%
18-24	62%	76%	73%	78%	76%
25-34	77%	79%	74%	78%	75%
35-44	72%	72%	75%	74%	69%
45-54	58%	77%	74%	70%	71%
55-64	61%	74%	75%	68%	69%
65+	60%	81%	74%	70%	69%

Percentage of Canadians who feel positive about their current financial situation, by region:

	2015	2014	2013	2012	2011
National	63%	70%	70%	64%	69%
Atlantic Canada	67%	67%	65%	61%	72%
Quebec	57%	71%	68%	64%	67%
Ontario	61%	69%	74%	66%	67%
Man/ Saskatchewan	65%	70%	75%	70%	73%
Alberta	68%	82%	69%	72%	73%
British Columbia	74%	67%	65%	54%	72%

Percentage of Canadians who feel positive about their current financial situation, by age:

	2015	2014	2013	2012	2011
National	63%	70%	70%	64%	69%
18-24	56%	59%	69%	69%	66%
25-34	69%	68%	67%	58%	73%
35-44	65%	66%	71%	69%	68%
45-54	58%	73%	70%	63%	68%
55-64	59%	73%	69%	65%	69%
65+	72%	79%	73%	66%	70%